Study (Principles 1) How Home Ownership Is Held Part One Flash Cards

 
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(Principles 1) How Home Ownership Is Held Part One

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In a land trust, title to property is held by the
Trustee
If a tenant in a joint tenancy sells or conveys her interest in the property, the new owner becomes a
Tenant in Common
When a business is owned in severalty, all title to real and personal property is held by which of the following?
The business entity as sole owner
Which has the unity of possession?
Tenants in Common and Joint Tenants
Which may hold different percentages of ownership in the property?
Tenants in Common
A land trust does NOT indicate the identity of the
Beneficiary
In Texas, each spouse is liable for all community debts in a
Joint Tenants and Tenants in Common
In Texas, each spouse is liable for all community debts in a
Community property right of survivorship
A land trust is created for
A definite time (usually 20 yrs)
The party on whose behalf a trust is administered is the
Beneficiary
The party who holds legal title to the assets of a trust and is entrusted with carrying out the instructions regarding the purpose of the trust is the
Trustee
Which has no right of survivorship?
Tenancy in common
Which is destroyed when one of the unities is destroyed?
Joint tenancy
Under community property law in Texas, income from separate property is generally considered what kind of property?
Community
Creating a joint tenancy requires 4 unities:
Time, Title, Interest and Possession
Under community property law in Texas, if one spouse dies, the other spouse automatically owns what amount of the community property?
One-Half
If one spouse dies, the separate property of the deceased spouse and the deceased spouse’s half of the community property are distributed according to the deceased’s
Will
If a tenant in common dies, that person's ownership interest goes to
Tenancy in common
If a tenant in common dies, that person's ownership interest goes to
His or hers heirs
Under community property law in Texas, property separated during marriage by a written contract is considered what kind of property?
Separate
The beneficial interest from a land trust is what kind of property?
Personal
In Texas, property separated during marriage by a written contract is considered separate property T/F?
T
In Texas, income from separate property is generally considered separate property T/F?
F
Tenancy in common is a form of co-ownership in which each tenant holds an undivided interest in the property as if he or she were sole owner and, on the death of a co-owner, the deceased person's heirs receive his or her interest T/F?
T
Creating a joint tenancy requires unity of possession, unity of title, unity of time, and unity of interest T/F?
T
Ownership in severalty designates a type of ownership in which title is held by more than one person T/F?
F
Tenancy in common is ownership by two or more people with right of survivorship T/F?
F
Community property law recognizes separate property and community property rights for married couples T/F?
T
In Texas, a fee simple estate in land may be held only by one owner T/F?
F
The beneficiary of a land trust has management control of the property through the trustee, as well as the right of possession and the right to income or proceeds from its sale T/F?
T
A community property right of survivorship involves a declaration made by a husband and wife that all community property will go to the survivor upon the death of one party, thus eliminating probate T/F?
T
In joint tenancy, as each successive joint tenant dies, the surviving joint tenants acquire the interest of the deceased joint tenant T/F?
T
A grandfather wishes to ensure the college education of his granddaughter and transfers his oil field into a trust. He instructs the grandchild's mother to use its income to pay for the grandchild's college tuition. In this case, the grandfather is the trustee, the granddaughter is the beneficiary, and the mother is the trustor T/F?
F
In community property states such as Texas, to convey or encumber homestead community property requires consent of only one spouse
T/F?
F
On death of one spouse who leaves no will, survivor inherits all community property, if surviving children and descendants are common to both spouses T/F?
T
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